China's Teapot Refiners Stage Surprising Comeback

Small refiners in the Shandong province, home to China’s independent refineries, are restarting operations under new ownership in a move that could exacerbate China’s overcapacity and thin-margin problems.   Three refineries which went bankrupt last year are on track to be revived—one is already operational and talks about the restart of the other two are ongoing, unnamed traders and analysts have told Bloomberg.  Shandong Changyi Petrochemical Co, previously operated by refining and chemicals giant Sinochem, was…